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Recruiting Bonus to Be Banned?

By Mark H. Astarita, Esq.

Last year Mary Shapiro started talking about bonuses on Wall Street and how bad they were. (That's almost funny given the source) and the SEC has finally gotten around to addressing the boss' concern.On Wednesday, the SEC proposed new rules aimed at reigning in incentive comp. The rules, which stem from Section 956 of the Dodd-Frank Act, would prohibit incentive-based compensation arrangements that encourage ?inappropriate? risk-taking or could lead to ?material financial loss? at broker-dealers and investment advisers with $1 billion or more of assets.The current proposal would not affect most investment advisors, and so far, recruiting bonuses are safe - so long as they do not provide additional bonuses for performance, and according to one source, so long as there are no claw-backs based on performance...continue to full post

Full post as published by SECLaw.com on March 08, 2011 (boomark / email).

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